Market Shift or Correction Ahead? Bitcoin Analysts Weigh In on Possible Price Movement
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Will Bitcoin bears pull it down to $60K? Analyst shares signs of possible correction
Bitcoin has been struggling over the past week, with its price unable to register a major breakout. In fact, according to some analysts, BTC’s latest bearish price action could underline the possibility of BTC once again falling to $60k.
The crypto market is known for its unpredictability, and it seems like Bitcoin is no exception. Over the past seven days, CoinMarketCap’s data revealed that BTC’s price has only moved marginally, with its value climbing by a modest 2%. As of this writing, Bitcoin was trading at $96,158.09 with a market capitalization of over $1.9 trillion.
In light of the crypto’s price action, Ali Martinez shared a tweet revealing quite a few intriguing predictions. One projection from Peter Brandt claimed that BTC “could be about to break down of a broadening triangle,” anticipating a retracement towards the $70,000 zone. Additionally, Martinez stated from an on-chain perspective, a Bitcoin price correction to $70,000 is possible. Especially since below $93,806, it’s pretty much open air all the way down to $70,085.
We assessed the king coin’s on-chain data to find out the likelihood of it falling to $60k again. Glassnode’s data revealed that BTC’s market bottom was higher than $60k. Furthermore, as per the Pi Cycle Top indicator, BTC’s possible market bottom was at $78k. On the other hand, the coin’s possible market top could be near $132k, as per the same indicator.
Currently, Bitcoin’s price is in a neutral zone based on the fear and greed index. This means that the coin’s price can move in any direction in the coming days or weeks.
Martinez posted another tweet suggesting a possible buy signal. The tweet mentioned that the TD Sequential presented a buy signal on Bitcoin’s hourly chart, anticipating a price rebound. We took a closer look at BTC’s daily chart, however, and found that the technical indicator MACD flashed a bearish advantage in the market. This could cause a price correction, which could push the coin’s price to $60k again.
On the other hand, the Chaikin Money Flow (CMF) registered a slight uptick. Whenever buying pressure rises, it hints at a potential uptrend.
Source: ambcrypto.com
